Consultant in Real Estate NEWSEC at the end of last year predicted that in the first half of 2011 the big surprises are expected, price per square meter will still be very significant criterion for selection for customers.
However, market stabilization occurs more rapidly than predicted. Further development will largely depend on state tax policy and performance standards of living in Latvia.
Executive Director NEWSEC Latvia Olga Kozina emphasizes that banks play a large role. They own most of the expropriated property, which has not yet offered on the open market, but it could significantly change the market situation.
Property development occurs differently in different segments of the industry. This is also indicated NEWSEC conducted a study "Latvia's real estate market, 2010.
Accommodation - offer 5 times the demand
Experts say the trend of the renewed interest, but it happens very slowly. Sensitive criterion is the price per sqm In 2010 in Latvia commissioned 1,905 new apartments, which is about 54% less than in 2009 (4187). The average price varies depending on the area and possible further price rises will directly depend on the growth of welfare and the lending policies of banks.
Attorney at law LAWIN K? Avi?? & Slaidi?? Sanda Lace commented: "Although there were still cautious on real estate market in Latvia, the legislator is trying to offer some innovations in the legislation - for example, in the management of real estate or cover utility debts, including those risks are already in the tariffs that are not clearly perceived" .
Commenting on trends in the residential market in 2011, the Expert "SEB Bank, Edmunds Rudzitis presented the results of a study mood and interest of citizens to acquire real estate. Indicator of housing from SEB indicates that 21% of Latvians would have interest to buy an apartment, if the price would not exceed 200 euros per square meter.